Stablecoins dominate trading volume as the crypto market experiences relatively quiet action on last Friday of tumultuous 2022 as stablecoin trading volume. This year marked a historic first for Bitcoin, with all quarters experiencing negative returns. Ethereum’s highly anticipated merge and several unexpected events, including the failure of Luna, Three Arrow Capital, centralized lending protocols and exchanges, and the world’s second-largest exchange, FTX, left a lasting impact on the crypto industry. Read on for a review of the final crypto Friday of 2022
Stablecoins Dominate the Trading Volume
The crypto market was quiet on the last Friday of 2022, considering the holiday season. However, most cryptocurrencies have dressed in Santa’s favorite color – Red.
According to data from TradingView, the total crypto market cap is down 0.5% today, from around $758 billion to $754 billion. The Altcoin market (excluding Bitcoin and Ethereum) is down from $291.7 billion to about $290 billion, nearly 0.6%. Bitcoin dominance stands at 42.16%, a slight fall of 0.06%
As per CoinMarketCap, the volume of all stablecoins is now $25.90 billion, which is 92.48% of the total crypto market 24-hour volume. The trading volume of USDT alone stands at $19 billion, nearly equal to the sum of trading volumes of Bitcoin and Ethereum.
Solana Recovers 23% From the Lows at $8
The leading cryptocurrencies, Bitcoin and Ethereum, had a slow day with minimum volatility. Bitcoin is trading 0.7% down from today’s opening; likewise, Ethereum is trading nearly 0.6% down from the opening price. But Solana had a disruptive trading day.
Solana, once one of the largest holdings of Alameda Research, got hit worse after the collapse of the FTX group. This week, Solana’s price touched $8 from a high of $11.5 due to various adverse developments. But, since Thursday’s low of $8, the price has recovered more than 23%, trading at $9.95 as of writing.
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